§ Mr. JOYCEasked the President of the Board of Trade whether his attention has been called to the fact that the Irish Provident Assurance Company has transferred its engagements to the London and Provincial Insurance Company, Limited; has any inquiry been made as to the position of policy holders under the first-named company as to the moneys paid in by them; are they properly safeguarded; whether moneys paid by them since the amalgamation have been accepted as bonâ fide payments by the agents of the company; and will the Board of Trade see that no loss is suffered by the policy holders who have paid in large sums of money on the strength of the policies issued by this company?
Mr. BUXTONI have no exact knowledge as to the position of the Irish Provident Assurance Company. So far as I 1359 am aware no amalgamation has taken place between the Irish Provident Assurance Company and the London and Provincial Insurance Company, Limited; but I am informed that individual policy holders in the former company have, by agreement, been transfered to the latter company. I may add that my attention has been called to the reports of certain legal proceedings in Dublin before Mr. Justice Barton in December and January last, from which it appears that the court has approved the preparation of a scheme of arrangement by two well-known actuaries. Before, however, any such scheme can become binding on the policy holders, it must, under Section 120 of the Companies (Consolidation) Act, be agreed to by a majority in number representing three-fourths in value of the policy-holders present either in person or by proxy at the meeting, and it must be approved by the court. The interests of the policy holders seem, therefore, to be safeguarded as far as possible; but it is not within the powers of the Board of Trade to see that no loss is suffered by the policy holders.
§ Mr. FLAVINWill the right hon. gentleman see that no amalgamation takes place between the two offices without some opportunity being afforded for discussing it in Parliament?
Mr. BUXTONWe have no power. It is a question of transfer of policies. The transfer cannot take place without the assent of three-fourths of the policy holders themselves, and I hope therefore they will be able to protect themselves.
§ Mr. FLAVINWhat protection have they?
Mr. BUXTONUnless three-fourths of them agree the transfer cannot take place. Therefore if a large majority are against it obviously they can prevent it.
§ Mr. O'SHAUGHNESSYWill the policy holders of the Irish Provident Association get their money back if they refuse to become amalgamated with the other company?